Lenders Defend Numbers as Lawmakers Attack HAMP Progress

At a House committee hearing this week, lenders advised lawmakers to prepare for low trial-to-permanent conversion numbers - ahead of the Treasury's release of the Home Affordable Modification Program (HAMP) report card on Thursday. A Chase official told the panel that only 20 percent of its borrowers in trial periods have made their required payments and filed the correct paperwork for a permanent modification. A Bank of America executive testified that it has only 15,000 homeowners who are eligible for a permanent mod and provided the necessary documentation.